Market sinks as budget session begins
Following declining crude prices and mixed global cues, the benchmarking indices ended about 1.5 per cent lower on Tuesday. Experts say that the profit booking has caused selling pressure which dragged equities.
Mumbai: Following declining crude prices and mixed global cues, the benchmarking indices ended about 1.5 per cent lower on Tuesday. Experts say that the profit booking has caused selling pressure which dragged equities.
The investor sentiment is falling in most of the counters including banking, FMCG, IT and auto shares. Analysts suggest the market players to be cautious as the next few days the Parliament is expected to pass crucial bills including GST amendment besides budget session.
Sensex closed at 23,410, down 379 points and Nifty fell 125 points at 7,110. Meanwhile, the broader markets on par with the index shares with midcap and smallcap indices fell over 1 per cent each.
On the sectoral front, all the sectors closed in red led by banks, automobile, capital goods and healthcare indices. Banking stocks declined with PNB, BoB, Canara Bank, IDBI Bank, BoI and UBI ended 4 per cent lower owing to the NPAs.
NTPC was down over 2 per cent after the government announced divesting its 5 per cent stake, while ITC fell about 2 per cent as the investors see duty hike on cigarettes in the budget.
The gainers: Asian Paints, up 0.64 per cent at Rs 874.50 and ONGC, up 0.02 per cent at Rs 214.45.
The losers: Coal India, down 4.06 per cent at Rs 301.15; State Bank of India (SBI), down 3.94 per cent at Rs.158.45; ICICI Bank, down 3.20 per cent at Rs 192.10; Bajaj Auto, down 3.19 per cent at Rs 2,396.25; and Axis Bank, down 3.02 per cent at Rs 385.10.